Beijing Implements Plan to Strengthen Energy Conservation
Beijing, China has implemented a revised plan to strengthen energy conservation, which includes cracking down on crypto mining activities. The plan aims to align with laws and regulations and ensure safe and efficient energy operation in the city.
Authorities in Beijing are responsible for monitoring and analyzing crypto mining activities and taking appropriate action to rectify any violations. This move comes as China faces a power crisis and aims to achieve carbon neutrality by 2060.
China’s Crackdown on Bitcoin Mining
In September 2021, China intensified its crackdown on cryptocurrency mining and declared all financial transactions involving cryptos illegal. This latest crackdown is different because China is facing a power shortage crisis, which affects the crypto mining process.
China’s power shortage is the worst in a decade, and several provinces have experienced power shortages. Additionally, Beijing sees crypto mining as hindering its climate targets and has labeled it as “extremely harmful.”
Proactive Measures in Other Jurisdictions
Other jurisdictions, like the US, are taking proactive measures to ensure transparency in energy use. The US government has initiated emergency checks on crypto power usage to meet winter power demands.
The increase in Bitcoin prices incentivizes more crypto mining activity, leading to higher electricity consumption. The US Energy Information Administration (EIA) has proposed an emergency survey to collect data on crypto mining facilities.
Hot Take: Beijing Strengthens Energy Conservation by Censoring Crypto Mining Activities
Beijing’s intensified crackdown on crypto mining activities is part of its efforts to strengthen energy conservation. By monitoring and rectifying violations in the sector, Beijing aims to align with laws and regulations while ensuring safe and efficient energy operation in the city.
This move comes as China faces a power shortage crisis and strives to achieve its carbon neutrality goals. Other jurisdictions, such as the US, are also taking proactive measures to address the energy consumption associated with crypto mining.
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